# day1 - 3 Scales of Measurement 1 Nominal scale the data for...

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What are “statistics” ? 1. Numerical facts 2. The art and science of: i. collecting data ii. analyzing data iii. presenting data iv. interpreting data 1

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Applications in Business and Economics Accounting Finance Marketing Production Economics 2
Data Data are the facts and ﬁgures collected, analyzed, and summarized for presentation and interpretation. The data set is all of the data collected for a particular study. Room Number Overall Name of Property Country Rate of Rooms Score Graveteye Manor England \$\$ 18 83.6 Villa d’Este Italy \$\$\$\$ 166 86.3 Hotel Prem Germany \$ 54 77.8 Hotel d’Europe France \$\$ 47 76.8 Palace Luzern Switzerland \$\$ 326 80.9 Royal Crescent Hotel England \$\$\$ 45 73.7 Hotel Sacher Austria \$\$\$ 120 85.5 Duc de Bourgogne Belgium \$ 10 76.9 Villa Gallici France \$\$ 22 90.6 Elements are the entities on which data are collected. Variables are the characteristics of interest for the elements. An observation is the set of measurements obtained for a particular element.

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Unformatted text preview: 3 Scales of Measurement 1. Nominal scale : the data for a variable consists of labels or names (the order of the labels IS NOT meaningful). 2. Ordinal scale : the data for a variable consists of labels or names (the order of the labels IS meaningful). 3. Interval scale : numeric data where the interval between values is a ﬁxed unit of measure. 4. Ratio scale : the data have the properties of the interval scale, and the ratio of 2 values is meaningful. 4 Qualitative vs. Quantitative Data • Qualitative data use labels or names to identify an attribute of an ele-ment. • Quantitative data use numeric values. Cross-sectional vs. Time Series Data • Cross-sectional data are data collected at approximately the same point in time. • Time series data are data collected over several time periods. Why do we need to classify the data? 5...
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day1 - 3 Scales of Measurement 1 Nominal scale the data for...

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